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PPAP’s Q4 profits flat, but revenue still growing

Shipping containers at the Phnom Penh Autonomous Port in 2008.
Shipping containers at the Phnom Penh Autonomous Port in 2008. Heng Chivoan

PPAP’s Q4 profits flat, but revenue still growing

Cambodia’s third listed firm Phnom Penh Autonomous Port reported $461,600 in net profit for the quarter ending December 2015, showing a less than 1 per cent increase compared to the same period in 2014, and despite seeing an increase in quarterly revenues.

In a listing made on the Cambodia Securities Exchange yesterday, the country’s second-largest port saw a 12.5 per cent increase in revenues for the last quarter of 2015, increasing from $3.3 million for the same period in 2014 to $3.7 million.

Net profits, or profit after tax, for the quarter was up a fraction from $461,650 to $459,445 in 2014. Despite the sluggish quarterly increase in profits, the port firm showed a close to 50 per cent increase in annual profits for 2015, which increased from $2.14 million in 2014 to $3.18 million last year.

Annual revenues also increased to $15.1 million in 2015 from $13.2 million in 2014, an increase of 14 per cent.

The river port listed on the Cambodia Securities Exchange to much fanfare in early December 2015, with the report showing that the firm raised $5.19 million through its initial float of 20 million shares, which minus the transaction costs increased the port’s coffers by $4.29 million.

In the short time that it has been listed, PPAP reported a $0.03 and $0.19 earnings per share for the fourth quarter and year, respectively.

The port’s stock price remained unchanged yesterday at 5460 riel, or $1.37.

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